This book is an insightful collection of anecdotes and experiences from Alpana Killawala's distinguished tenure at the Reserve Bank of India (RBI). Her book offers a candid and comprehensive account of her journey within the nation's central bank, shedding light on the critical role of communication at the RBI. To quote her social media post:
"Why did I call myself a fly? ??
A fly is insignificant in the total scheme of life. And yet it's there, observing everything that's going on in the room, so to say. That's exactly what I did while in RBI. While my living being worked tirelessly to build that bridge between the institution called RBI and the world outside through the media, my subconscience was constantly observing the institutional behaviour and making notes in the mind. These notes started to work their way out on paper and filled 240+ pages…"
Killawala doesn't shy away from acknowledging her own limitations or those of the institution but ensures to commend deserving efforts. Her book traces the evolution of the RBI over the past 25 years, paralleling India's journey through various policy developments impacting the economy. She underscores the institution's strengths, suggests areas for improvement, and omits trivialities and gossip.
During her time at the RBI, significant events such as the Harshad Mehta scam and the liberalisation of the Indian economy took place. A Fly on the RBI Wall offers an unfiltered account of these vibrant times, providing an intimate look into the minds of the governors - eminent scholars all - under whom she served for over two decades.
For students of communication, Killawala's narrative is a treasure trove of valuable lessons. However, it will be even more valuable for communication professionals in the banking, financial services, and insurance (BFSI) sector. Its practical insights and real-world examples provide a comprehensive guide for navigating and mastering the complexities of communication within regulatory frameworks, making it an indispensable resource for industry practitioners.
Her work stands out among the "insider" memoirs from former RBI staff as it is penned by someone outside the traditional upper echelons of deputy governors or governors. This book offers a unique behind-the-scenes perspective on the workings and decision-making processes of India's central bank.
In essence, the Reserve Bank of India, through its proactive and active communications strategy, exemplifies the governance and transparency it expects from the entities it regulates. This commitment to open and strategic communication underscores the RBI's dedication to accountability and integrity, setting a benchmark for financial institutions under its purview. Whether or not RBI's organisational culture acknowledges the critical importance of this function, it is evident that the RBI's communications team plays a pivotal role in fostering a culture of transparency and trust, reflecting the institution's overarching ethos of exemplary governance. To that effect, Alpana would deserve credit in her silent efforts over her career at RBI, while encouraged by a series of RBI Governors she has worked with.
In a lot of unsaid ways, this book highlights the need for strategic communication that financial regulators need to showcase. After all, in the era of social media and quick record market movements, the tonality and what financial regulators communicate is critical. After all, every word in the communication of regulators and regulatory leaders is watched.
That's why this book is important in understanding how the RBI, thanks to the various Governors, had evolved from "doing P.R" to strategically and proactively communicating. It illustrates the development of communication into a core function of the central bank, highlighting its significance in today's financial landscape. Call it the shaping of a non-core banking function - communications.
Regulatory organisations often have concerns about becoming too accessible, leading them to limit their interactions with the media. However, the RBI has demonstrated over the years that it will communicate essential information and leverage public addresses by top management to share their views. The RBI maintains its integrity by not yielding to speculation or allowing the media to act as a provocateur. The book highlights these with anecdotes.
For years, Alpana Killawala was a well-known name for anyone tracking the Reserve Bank of India. Numerous press releases signed by Killawala regularly appeared on the RBI website. While the Governor served as the face of the institution, she was the name synonymous with the RBI's public communication. Ask any media person following the RBI's activities, and they might credit her for making them wait with bated breath on Friday evenings for an RBI communication that could be uploaded, often requiring them to work late into the evening and sometimes even over the weekend to provide detailed analysis for their publications. But then communication for a national duty that the RBI does, means there are no downtimes!
